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Iran decides on funds to be allocated for basic products’ import

Finance Materials 19 April 2020 14:36 (UTC +04:00)
Iran decides on funds to be allocated for basic products’ import

BAKU, Azerbaijan, April 19

By Elnur Baghishov - Trend

Iran will allocate $6.5 million for the import of 5 essential products in this Iranian year (starting from March 20, 2020) until December 20, Trend reports citing Tasnim news agency.

The decision was made at a meeting of the working group on control over the use and allocation of foreign currency in Iran.

According to report, with these funds, 6 million tons of corn, 1.5 million tons of compressed soybeans and 1.1 million tons of cooking oil will be imported to Iran this Iranian year.

As much as 1.5 million tons of barley and 2.4 million tons of soybeans will be imported at the expense of the funds.

In Iran, currency is allocated for the import of basic products at the official exchange rate set by the Central Bank of Iran. At that rate, $1 is 42,000 rials. However, according to the exchange rate announced to banks by the Central Bank of Iran, the price of 1 dollar is 155,000 rials (according to SANA exchange rate).

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